Institutional investment in bitcoin grows 3.5x – Coinbase
Institutional investors investing record amounts in bitcoin
Investments from large companies on Coinbase grew 3.5 times
Investors expect an increase prices bitcoin next year
International consortium of news organizations, developing standards transparency.
Bitcoin’s finest hour
Head of institutional investment department of the company Coinbase Brett Tejepol said in an interview with Heidrick & Struggles International that corporate investment in bitcoin on the Coinbase exchange increased 3.5 times during the year and exceeded $ 20 billion. Wherein, more than $ 14 billion were transferred to stock exchange, starting in April of this year, that is, in moment the height of the crisis caused by the coronavirus epidemic.
“I joined Coinbase in April of this of the year, then time our assets, Institutional assets in custody were $ 6 billion, Today they are exceed $ 20 billion, that is, increased by more than three times, ”said Brett Tejepol.
Tejepol also noted that in early summer, Coinbase acquired platform called Tagomi and it radically changed the ability company serve institutional clients, which want to use “smart order routing and algorithmic execution”, so statistics show that trading volumes on Coinbase have increased 20 times since the beginning of the year.
Tejpol added that Coinbase has “updated” their banking and auditing partners: JPMorgan and Deloitte.
“Both of these firms have gone through one to two years of due diligence to ensure that we adhere to the strict KYC, AML rules, that we behave like a bank and rely on regulation and safety,” he said..
Large investors push the price of MTC up
Answering the question, what exactly served as a trigger for the rapid growth bitcoin, Tejpol answered unequivocally: Paul Tudor Jones. After statements of a famous investor about buying bitcoins, the price cryptocurrencies began to move up sharply.
In May edition BeInCrypto already talked about how Jones made a loud statement about bitcoin, calling it gold the current generations. IN Tom in May, he told CNBC that he holds 1 – 2% of his assets in bitcoin.
“Jones’ decision It was important because it became an example for other traditional macro firms that think of Bitcoin as means savings as a hedging tool for portfolio risks, “Tejpol explained..
Further Tejpaul told how it goes him typical day.
“By 9:30 am I was contacted by five separate institutional clients asking to invest more 100 million dollars everyone, “he said.
Tejpawl explained that people who used to stay on the sidelines “are now looking at big banks, big accounting firms, big hedge funds, big donations, and Now on this market Paypal is also coming out “.
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